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Wanda Mora was asking about business

credit questions you'd like more

information on establishing business

lines of credit how does that happen

first and foremost Wanda in order to get

access to business lines of credit you

need to have a registered entity with

the secretary of your state or wherever

you register your entity for that matter

and you need to have 24 months worth of

seasoning behind that entity before

you're being taken seriously by current

underwriting guidelines no underwriting

guidelines can change any time so by the

time you know this videos a year old

it's possible that they this guy by and

will be different

however for right now 24 months worth of

established history and business is a

necessary component to getting access to

some of the best and most popular

business lines of credit

however by opening an entity and opening

up checking and savings accounts you

could certainly get access to some

terrific business credit cards both of

those in most cases do not report to

your personal credit report so 24 months

in business is key beyond that just to

enhance your general application you're

gonna want to have an independent phone

line for the business versus just a

mobile you're gonna want to have an

independent address versus your garage

you need to have a website social media

helps most of these questions are being

asked on the applications at this point

so you should plan on putting something

in there if your address matches your

home address and your phone number

matches your mobile it's hard to take

you seriously as a real business if the

bank is considering lending you a

serious business development tool then

show up as a serious business it's not

difficult to get any of those things and

for very little money it doesn't mean

going out and get access to

brick-and-mortar office space it may be

used to mean that but for the last 15

some odd years we've been relying on

virtual office space as an organization

for our lending and borrowing reasons

even though our brick-and-mortar office

space has changed many times and part of

the benefit of having that virtual

office space for us even while having

brick-and-mortar office space has been

that when we do move we don't have to go

back out and change our addresses on

everything it continues to remain the

same corporate address that it's been

the whole time

except for when that virtual office

actually relocated which was a real pain

now with that in mind that actually

works as a perk I would just use that

virtual office address not a peel box

not a peel box you should not be putting

a Pio box on the application they need

to be able to do a google search bars is

through Regis Regis is an actual

brick-and-mortar massive office building

where you can actually rent space but

you can you can pay a small fraction of

the price to have a access to the

receptionist and have them forward your

mail so Regis is a great alternative it

cost something like 65 to 80 bucks per

month depending on how much mail they

forward so I would look at virtual

office space I would also be looking at

something like voice over IP for

business alternative phone lines versus

your mobile keep in mind that if you're

doing something free like Google's voice

over IP they tend to have something that

says please wait while we locate the

Google subscriber you're trying to reach

me not a serious business if you're

gonna have a serious business do me a

favor go out there and pay the five some

odd dollars per month to get the

customized voicemail message so that you

can actually have a business voicemail

the banks will sometimes call to verify

that you are as real as you're claiming

to be as it pertains to your business so

those would be the the primary

techniques to make sure you're

positioned well to get access to

business capital now the most I think

obvious follow-up to that is to make

money make money these are still

personally guaranteed the most popular

debt weapons that I've gotten that are

business capital accounts required

personal guarantees almost always

necessary to personally guarantee the

account that's exactly right so 700 plus

minimum FICO credit scores are still

necessary we're not avoiding personal

credit to get access to business credit

we're relying on personal credit to

strengthen our application process with

business credit bingo so 95% of the time

we won't have that trade line show up on

our credit imagine

the power that I have accessing hundreds

of thousands of dollars over years of

acquisition of acquisition of money that

doesn't report whereby I can then draw

that money put it in the bank season it

for two months and it becomes an

eligible source of downpayment funds it

becomes fix up funds it becomes vacancy

costs but with two months in most cases

and in some three of having that money

sitting and checking and savings

accounts banks will consider that my

money and I can use it to invest with so

by not having it show up on my personal

credit reports it's not affecting my

scores and it's not affecting my debt to

income ratio which is how they calculate

DTI is by importing all the trade lines

that you're servicing payments for